Recent Broward Law Blog Features

Sunday, November 15, 2009

Breaking News: Scott Rothstein to Serve Tuesday as Guest Auctioneer at Lauderdale's Bernard Madoff Yacht Auction

Okay, so I took some liberty with the headline. Shoot me.

Pictured above, for your bidding pleasure, is a Bernie Madoff yacht, presently anchored and to be auctioned off here in Fort Lauderdale on Tuesday morning. While you are checking it out, Scott Rothstein's boat is also there, in a new federal wing called 'Ponzi Row.'

Meanwhile, Bernard Madoff's name gave extra value to his onetime possessions Saturday as they were auctioned for more than $1 million in New York. The auction conducted under the eye of U.S. marshals at the New York Sheraton Hotel and Towers brought in twice the expected amount, The Wall Street Journal reported. The 200 lots of possession once owned by Madoff and his wife, Ruth, included Rolex watches and diamond jewelry along with clothing and old yard signs.

Some of the Rolexes failed to sell. But an online bidder offered $14,500 for Bernard Madoff's personalized Mets jacket, almost 30 times its low estimate, and his class ring from Hofstra University, with a low estimate of $240, went for $6,000. Now this bugs me. No class ring from Hofstra is worth $6,000.

I am, of course, an alumni of Hofstra University. Graduated the school in 1971. The law school in 1975. Mr. Madoff went there before we became a university. He actually graduated from 'Hofstra College' in 1960. I am not too proud of this allegiance. Would have preferred my school getting written about if it was about a national championship.

I suppose he is now our most famous alum, and indeed was serving on our Board of Trustees when his billion dollar scam went public. Now he may be serving as a trustee but if so, it is in a federal prison. Guessing we don't have any special plaques to give out to him right about now. But I am willing to bet one of my fellow alumni bought up his ring. Probably to bury it.

Three boats and a Mercedes go on the block Tuesday here in Fort Lauderdale. Does anyone doubt if Scott were not about to be indicted, and his schemes were still not known to the public, he might in fact have been one of the bidders, parking that Madoff Mercedes right in front of Bova Prime? How the pendulum swings.

Think though, about this. A week ago I did a light hearted column about how the feds will have to raise monies to pay back Scott's investors by selling the autographed memorabilia from his office on E Bay. Guess what? There is a lot of truth in humor. When you see they are selling the shoes belonging to Ruth Madoff, and Bernie Madoff's class ring from 50 years ago, can Dan Marino's and Al Lamberti's autographed picture with Scott Rothstein be far behind?,0,2535443.story

1 comment:

  1. Did Scott show up to do the auction? Ha. Great blog man, had no clue about it